NRA files Bankruptcy

[The Sound Guy]

The National Rifle Association, the powerful gun lobby that has been at the center of some of the nation's most heated debates over weapons rights, filed for Chapter 11 bankruptcy protection Friday.

The NRA's bankruptcy filing in Texas comes after the New York attorney general recently filed a lawsuit seeking to dissolve the group. The New York AG, Letitia James, has accused the organization of diverting millions in charitable giving for "personal use by senior leadership."

Chapter 11 bankruptcy is designed to allow companies or organizations to restructure their operations, shed debt, delay lawsuits and emerge as a sustainable enterprise. But it can lead to dissolution or liquidation.

The NRA said in a statement Friday that it is in its "strongest financial condition in years" and that it filed for bankruptcy protection to escape "a corrupt political and regulatory environment in New York."

But James has accused NRA leaders of wasteful, unchecked spending that led the organization to go from a $27.8 million surplus in 2015 to a $36.3 million net deficit in 2018.

The NRA, which did not immediately respond to a USA TODAY request for comment, said in a statement that it would make no immediate changes to its operations or workforce.

But the group also said it would use bankruptcy court to "streamline costs and expenses" and "proceed with pending litigation in a coordinated and structured manner" in pursuit of "many financial and strategic advantages."

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USA Today

 

[Guard Dad]

Saw that earlier. I have never been a member; though I am a major proponent of the second amendment, I didn't always care for how the NRA did things.

 

[Chindog]

I'm a former member. Won't renew until LaPierre is gone.

 

[Stonewall]

This is bad. Like them or hate them the NRA is by far the most powerful lobby for 2nd amendment rights in Washington. This along with Uncle Joe's bag of nut jobs is not good news for gun owners. Full disclosure I am and have been a member for years. I do not agree with a lot of their business practices or even agenda for that matter but they are a very powerful force for gun rights. What are your options for effective 2nd amendment lobbies?

 

[The Sound Guy]

This is bad. Like them or hate them the NRA is by far the most powerful lobby for 2nd amendment rights in Washington. This along with Uncle Joe's bag of nut jobs is not good news for gun owners. Full disclosure I am and have been a member for years. I do not agree with a lot of their business practices or even agenda for that matter but they are a very powerful force for gun rights. What are your options for effective 2nd amendment lobbies?

This is the basic reason that I joined, to be included in the head count they represent when they lobby. I paid the minimum to join, told them to keep the "gifts". They keep asking for more money, but not happening unless I see a good reason for it.

 

[Guard Dad]

They should hsve gotten out of New Yorkistan a long time ago. That wouldn't have hurt.

I would love to see their books to know why they are in the red. Some claim the leadership has been goggling up all the money.

 

[Paxilpapa]

This is bad. Like them or hate them the NRA is by far the most powerful lobby for 2nd amendment rights in Washington. This along with Uncle Joe's bag of nut jobs is not good news for gun owners. Full disclosure I am and have been a member for years. I do not agree with a lot of their business practices or even agenda for that matter but they are a very powerful force for gun rights. What are your options for effective 2nd amendment lobbies?

As I read it, the bankruptcy is part of a chess game. The prosecutor files suit and they file bankruptcy to block the suit. PG&E in Kalifornia has been doing that for years to thwart frivolous law suit brought on by environmentalists. As for monetary losses they've incurred, the bankruptcy should shed light on that. I imagine the cost of politicing in DC has sky rocketed in the last 6-8 years.

 

[lotstodo]

It's an interesting move because their financials will be opened to their creditors and the court. Unless they are cooking the books, which would be extremely bold and dangerous here, they are saying that there is no skimming and they can prove it. They are doing it all without entertaining the lady from New York State. Their filings will also likely become public record after the bankruptcy is settled.

This took some brass ones and I'm impressed. I still don't like the way the organization is run or how it responded (or didn't actually) to Trump's bump stock ban, and as far as I can tell they haven't done much to stop the DOJ proposed ban on firearms on Corp of Engineers land.